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%
FEDERAL RESERVE BANK

L'4.3.

Not for publication

of KANSAS CITY

JAN 31 1 £ 6 3

BANKING M D F E M M G F I

IN DECEMBER

1962

Total commercial bank credit, seasonally adjusted, increased
further in December reflecting substantial loan growth. Holdings of U. S„
Government and othpr securities rose less than usual. The money supply and
time and savings deposits at commercial banks continued to expand rapidly.
Total and required reserves rose while free reserves declined.

Bank c r e d i t . Total loans and investments at a l l commercial banks,
seasonally adjusted, increased $1.8 b i l l i o n further between November 28 and
December 31» (All c r e d i t items have been estimated for December 31? the
date to which seasonal f a c t o r s apply, rather than using December 26, the
l a s t Wednesday. Normally, c r e d i t increases sharply between the l a s t Wednesday
of December and the 3 1 s t , and t h i s expansion should be r e f l e c t e d in monthly
data for December). The December r i s e was about i n l i n e with average growth
over other recent months. Seasonally adjusted t o t a l loans rose a record $2.5
b i l l i o n in December, r e f l e c t i n g in part a sharp r i s e in s e c u r i t y l o a n s . Holdings of U. So Government and other s e c u r i t i e s rose l e s s than usual. Credit
expansion was large a t both weekly reporting banks i n leading c i t i e s and at
other bankso
Over 1962, c r e d i t at a l l commercial banks increased about $19
b i l l i o n , $3 b i l l i o n more than the previous record expansion in 1961. The
annual rate of growth of about 8 - 1 / 2 per cent, however, was about the same
as the high growth r a t e s of 1961 and 1958. Most of the 1962 c r e d i t expansion was i n l o a n s , which rose about $14 b i l l i o n or 11 per c e n t . This was
a l s o a larger d o l l a r increase than i n any past year but the rate of growth
was below that of 1959 and 1955» Holdings of State and l o c a l and nonguaranteed Federal agency i s s u e s rose a record $5*3 b i l l i o n in 1962, and the
rate of growth was f a s t e r than in any other year except 1950. Holdings of
U. S. Government s e c u r i t i e s , however, declined s l i g h t l y i n 1962 whereas they
had accounted for a s u b s t a n t i a l part of the rapid c r e d i t expansions of 1961
and 19580 Credit growth was large at both weekly reporting banks in leading
c i t i e s and at other banks but i t was of record proportions, both i n volume
and r a t e , at the l a t t e r group.
Business loans at a l l commercial banks, s e a s o n a l l y adjusted,
increased $600 m i l l i o n further i n December (estimated through December 31)>
about the same as in other recent months. Growth was at a considerably
f a s t e r rate i n the second half of 1962 than i n the early months of the year.
Over 1962, business loans increased about $4 b i l l i o n , somewhat l e s s than i n
most other recent years of h i g h - l e v e l economic a c t i v i t y .




Business loans at weekly reporting banks increased $485 m i l l i o n over
the four weeks ending December 26, much l e s s than i n the corresponding weeks
of 1961 but a l i t t l e more than i n December 1959° Business borrowing over the
mid-December tax and dividend payment period was smaller than i n the c o r r e s ponding weeks of 1961 and i960 although tax payments were of comparable volume
and there were no maturing tax b i l l s i n any of these years 0 Corporations
apparently obtained funds by s e l l i n g U0 S* Government s e c u r i t i e s to a greater
extent than usual and by borrowing l e s s than usual from banks 0 Government
s e c u r i t y d e a l e r s , i n turn? however 9 acquired unusually l a r g e trading p o s i t i o n s
and borrowed h e a v i l y from bankso
At c i t y banks i n December, loans to food processors rose about
seasonallyo Trade loans declined l e s s than u s u a l , but loans to commodity
d e a l e r s , which u s u a l l y r i s e i n December, a l s o declined 0 Loans declined more
than usual i n the t e x t i l e s industry and rose l e s s than usual i n the metals
and petroleum i n d u s t r i e s * Loans to public u t i l i t i e s , which had been i n c r e a s ing sharply i n recent months , rose s u b s t a n t i a l l y further i n December as did
those to " a l l other b u s i n e s s e s 011
Seasonally adjusted s e c u r i t y loans at a l l commercial banks increased
$600 m i l l i o n i n December, At weekly reporting banks i n l e a d i n g c i t i e s (between the l a s t Wednesday of November and the l a s t Wednesday of December) loans
on Uo So Government s e c u r i t i e s increased almost $1 b i l l i o n , and those on other
s e c u r i t i e s , about $700 m i l l i o n , both much more than i n the corresponding weeks
of past years 0 Over 1962, t o t a l s e c u r i t y loans increased $1 b i l l i o n , about
the same as l a s t year, but more than in any other recent year 0 Loans to nonbank f i n a n c i a l i n s t i t u t i o n s a l s o increased $1 b i l l i o n i n 1962; growth had a l s o
been large i n 1959 and 1955 but small i n other y e a r s .
Real e s t a t e loans at a l l commercial banks increased further i n
December although probably not quite as rapidly as i n other recent months 0
Over 1962, they showed a record r i s e of $4 b i l l i o n „ Consumer loans expanded
moderately further i n December and over the year rose $2*2 b i l l i o n , somewhatl e s s than i n 1959 and 1955«
Money supply 0 The d a i l y average money supply, s e a s o n a l l y adjusted,
increased $1*2 b i l l i o n between the second h a l f of November and the second h a l f
of December, f o l l o w i n g s u b s t a n t i a l expansion over the two previous months»
This brought the annual rate of growth over the fourth quarter t o 8 - 1 / 2 per
cent and over the year to 1 - 1 / 2 per cento
Seasonally adjusted time and savings d e p o s i t s at a l l commercial
banks increased $1o5 b i l l i o n between the second h a l f of November and the
second h a l f of Decembere This was about the same as i n October and November
and more than i n other recent months 0 Over 1962, time and savings d e p o s i t s
increased $15 e 2 b i l l i o n or more than 18 per c e n t , a postwar record* At
weekly reporting banks i n l e a d i n g c i t i e s , growth i n savings d e p o s i t s , as i n
November, was smaller than i n other recent months. Other time d e p o s i t s of
i n d i v i d u a l s , partnerships, and corporations, increased sharply in December,
however, f o l l o w i n g l i t t l e change over the summer and f a l l o




- 3 The s e a s o n a l l y adjusted annual rate of turnover of demand d e p o s i t s
at banks i n 3^3 c e n t e r s ourside New York was 31»3 (preliminary) i n December
compared with 3 2 , 6 i n November. Over the fourth quarter of the year, turnover averaged about 7 - 1 / 2 per cent above the corresponding period l a s t year.
Bank r e s e r v e s . Total and required r e s e r v e s of member banks i n creased i n December. Excess r e s e r v e s declined somewhat to $560 m i l l i o n while
member bank borrowings from the Federal Reserve rose to $305 m i l l i o n . Free
reserves dropped to $250 m i l l i o n from $4?0 m i l l i o n i n November. The December
l e v e l was the lowest monthly average s i n c e mid-1960. Free r e s e r v e s d e c l i n e d
at country banks i n December and net borrowed r e s e r v e s rose at c i t y banks.
The e f f e c t i v e rate on Federal funds was u s u a l l y about 2 - 7 / 8 per cent i n e a r l y
December but a f t e r the midmonth was c o n s i s t e n t l y at 3 per c e n t .
During December, on a monthly average b a s i s , r e s e r v e s were supplied,
by a $600 m i l l i o n increase i n f l o a t to a record l e v e l of $2.3 b i l l i o n . In
a d d i t i o n , System holdings of U. S. Government s e c u r i t i e s increased $350
m i l l i o n . Reserves were absorbed p r i n c i p a l l y by a $700 m i l l i o n pre-Christmas
currency drain.
Revised s e r i e s on "Total Reserves, Seasonally Adjusted." A r e v i s e d
s e r i e s on s e a s o n a l l y adjusted t o t a l r e s e r v e s i s now a v a i l a b l e and r e p l a c e s
the one p r e v i o u s l y shown i n Exhibit J of t h i s Report. Monthly data, s e a s o n a l l y
unadjusted and adjusted, along with seasonal f a c t o r s , beginning i n 1$48, have
been appended as Exhibit L i n t h i s i s s u e . Basic data have been r e v i s e d i n
accordance with the recent changes i n reserve requirements a g a i n s t time dep o s i t s , and new seasonal f a c t o r s have been developed.




Banking S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.
January 15, 1963

1.4.3

r

-

EXHIBIT

A,

Port

1

L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S
140

210

VI
I0TAI LOANS AND IN:STWENTS^^_
1
180

140

ioANS™
100

V. $. GOVT. S:ECURITIES

*0

OTHER SECURITIES
L-^r——i

i
1958

1957

1
1959

1
1960

.

—
1942

1941

'X/1

20

1943

Exhibit A - Part I I

Total 1 /

Date

Loans l /

U. S. Gov't, s e c u r i t i e s

Other s e c u r i t i e s

(In b i l l i o n s of d o l l a r s )
1960—Dec.
1961—Dec.

31
31

1962- -Jan.
Feb.

31
28
28
25
May- 30
June 30
July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
2/Dec. 31

1/

p
p
p
P
p
P

19k.5
209.6

11U.2
121.1

59.6
6U.7

20.7

210.7
213.3
215.2
215.0
216. U
220.3
217.8
220.3
222.0
22lt.l4
225.8
227.6

120.8
122.6
123.8
12U.5
124.8
126.6
126.1
127.3
129.7
131.7
132.3
13U.8

65.7
66.-1

2k. 2

Adjusted to exclude interbank loans.
Estimated as of December 31.




66.1
6k. 6
65.5

66.6
6b.1

65.0

6*4.3

61.1
6U.U
63.8

23.8
2);.6
25.3
25.9

26.1
27.1
27.6

28.0
28.0
28.6'
29.1

29.0

1.4.3.

IQANS

AT ALL C O M M I R C J A L

-

E X H I B I T B, P o f t »

BANKS

Blllion* oMeHofS^
50

loil Wednesday of m o n t ti,_%mo« on ajly fju,t* 4

BUSINESS

REAL E S T A T E

CONSUMER

SECURITY

1958

1957

1959

Exhibit B - Part I I

Real Estate
Business
( 1 n b i l l i o n s
o f

Date

1960—Dec.
1961—Dec.

31
31

U2.1

28.7
30.3

1962—Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
l/Dec.

31
28
28
25
30
30
25
29
26
31
28
31

UU.l

30. k
30.6
30.9
31.2
31.6
32.0

p r *
1/
2/

a.i

hh.2
14t«5

UU.8
U5.0
U5.5

p
p
p
p
p
P

U5.5
U6.1
U6.7

U7.2
U7.5

U8.1

1963

1962

19 61

1960

32. h
32.8
33.1
33-5
33.9
31.2

Consumer 2 /
d o l l a r s

)

20.5

U.3

r 21.3

5.2

r
r
r
r
r
r
r
r
r
r
r

21.3
21.6
21.8

22.1
22.lt

22.6

22.7
22.9
22.9
23.2
23.3
23.5

Preliminary.
Revised.
Estimated as of December 31.
.
Revised i n accordance w i t h r e v i s i o n i n consumer c r e d i t s t a t i s t i c s .




Security

U.8
5.5

6.0
5.6

5.2
5.3

U.U
U.7
5.7
5 . 9
5.5 ;

6.1'

Exhibit C
Changes i n Loans and Investments at a l l Commercial Banks, Seasonally Adjusted
(In b i l l i o n s of d o l l a r s )
19 6 2

1961
Item

July

Aug.p S e n t . p Oct. p Nov. p

Dec. p
V -

Jan.

Feb.

Mar.

Apr.

May

June

+1.3

+1.1

+2.6

+1.9

-0.1

+1.U

+3.9 - - 2 . 5

+2.5

+1.7

+2. It

+l.lt

+1.8

U. S. Gov't, s e c u r i t i e s

—0.6

+1.0

+o.h

y

-1.5

+0.9

+1.1

-2.5

+0.9

—0.7

-0.2

+0.3

—0*6

Other s e c u r i t i e s

+0.2

+0.U

40.lt

+0.7

40.6

+0.2

+1.0

+0.5

+0.U

1/

+0.6

+0.5

-0.1

Loans 2 /

+1.7

-0.3

+1.8

+1.2

+0.7

40.3

+1.8

-0.5

+1.2

+2. It

+2.0

4O.6

+2.5

Business

+0.8

V

+0.1

40.3

+0.3

+0.2

+0.5

y

+0.6

4*0.6

+0.5

+0.3

+0.6

Real e s t a t e

+0.3

+0.1

+0.2

+0.3

40*3

+0.5

+0.1t

+0.1t

40.lt

+0.3

+0.U

+0.U

+0.3

Consumer 3 /

40.1

y

+0.3

+0.2

+6.3

+0.3

+0.2

+0.1

+0.2

y

40.3

+0.1

+0.2

Security

V

-o.lt

+0.7

+0.5

—O.lt

-o.lt

+0.1

-0.9

+0.3

+1.0

+0.2

-o.lt

4O.6

Nonbank f i n a n c i a l

y

y

-0.1

+0.2

—0.1

+0.1

+0.3

-0.1

40.2

+0.1

+0.3

y

Agriculture

+0.1

40.3

+0.1

y

+0.1

-0.1

+0.1

+0.1

-O.lt

+0.1

40.2

+0.2

+0.2

A l l other 3 /

+0.1

+0.3

y

40.lt

y

-0.1

+0.2

+0.1

40.1

+0.1

+0.1

+0.1

1/

Total loans excluding
s e c u r i t y and nonbank
financial 5/

+1.1*

+0.7

40.7

+1.2

+1.0

+0.8

+1. It-

+0.7

+0.9

+1.1

+1.5

+1.1

+1.3

Loans and Investments 2 /

Dec.

y

NOTE—Individual loan items may not add to change i n t o t a l loans because: (1) loan items are gross of valuation reserves while
t o t a l loans are net; and (2) loan items and t o t a l loans are independently s e a s o n a l l y adjusted. Seasonally adjusted l o a n s ,
by category, are experimental and are subject t o r e v i s i o n .
1 / Less than $50 m i l l i o n .
2 / Adjusted to exclude interbank loans.
3 / Consumer c r e d i t data revised beginning i n 1961. 11 A l l other" l o a n s , which i s a r e s i d u a l item i s accordingly revised i n the
opposite d i r e c t i o n .
k / Estimated as of December 31, 1962.
3 / Derived by addition of items and not by subtraction from t o t a l lo^ns.
p - Preliminary.




•

-r

Exhibit D
Changes i n Loans and Investments a t A l l Commercial Banks, at WeeklyReporting Banks, and at Other Banks, Not Adjusted f o r Seasonal.
(In b i l l i o n s of d o l l a r s )

Item

Last Wednesday of November <0 end of December
1962 3 /

1961

I960

1959

1958

1957

1956

+ li.it

+ 3.3

+ 2.7
+ O.lt

+ 2.8
- 1.3
+ 0.3
+ 1.7

+ 1.7
+ 1.3
+ 0.5
+~3TE

+ 1.5
+ o.L

+ 2.0
- 0.6

+ 1.3
+ l.lt

T

T 3

* 2.9

+ 1.3
+ 0.5
— o.i
+ 1.7

+ 0.8

+ O.lt
— 0.1
+ 0.3

A l l commercial banks
Total l o a n s
U.S. Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total
Weekly reporting banks

Total loans

Ue S, Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total

Other banks
Total loans
U 0 S 0 Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total
Item

+ 5*6
+ 0.5
+ O.lt
+ 6»h

+ it.l
+ 0.7
+ 0.3

•

0.5

+ 3.7
+ 0.3
* O.lt

Tunr
+ 1.5

- 0.2
+ 0.1

0, .7
0., i
0., i
"o3

+ 0.8
* 0.6
+

+ 0.2

It.6

+ 2.5
* 0.9
* 0.5
7 3 3

+ 0.8

- 0.1

+ 0.1

7~57?

+ 2.L
+ O.it

+ 0.1

7""53
+ 0.3
1/

+ 0.1

+ 0.5

+ 0.1

- 0.7

+ 0.2

+ 0.2
+ 0.2

"+1)3

0.2

0.1
0.1

on

Year ended December

1962 3/

1961

I960

1959

1958

1957

1956

+11.1

+ 7.2

+ 6.7

2/+12.5

+ it. 3

• 3.5
- 0.3
+ 1.7

+

A l l commercial banks
Total loans
V.S. Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total

TT577

Weekly- reporting banks
Total loans
U.S. Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total

+
+
+

Other banks
Total loans
U.S. Gov't s e c u r i t i e s
Other s e c u r i t i e s
Total

+ o.U

- 0.7
* 5.3

7.6
2»k
3.7
8.9

+ 5.6

+ 2.1

+ 3.1
7 3 3

+ O.lt
T7TT

+ 3.5
+ 3.6

+ 2.7
+
2.5

+ 2.0

+ 0.2

7 3 3

7 3 3

+ 6.5
+ 1.7

+ 3.7

+ lt.O
- O.lt

+3TH

7-5%

+ 1.6

+ 2.0
+ 1.1

+ 0.2

1Z-7.1,

+ 8.1
+ 2.6

IA-^o

+37T

2/- 0.1

+ 7.7
— 7.0
— O.lt

+ 0.7

+ 5.5

+ l.it
< r 7T5

2 / + it. 8

+
3.6
+

2/+ 0.3

+ 1.2

2/rs3

7-f3

# / - O.lt

2.6

7.6
- 3.0

- o.L
+ it.2

+ 0.9

- 0.2

+

-

5.It
3.5

+ O.lt
TT7E

— 0.7

+ 2.6

+ 2.2

— 0.1
+ 1.3
T-%%

+ 1.2

+ 0.5
+ 0.3

NOTE—Data exclude a l l interbank l o a n s j c a l l report data f o r weekly reporting banks
used when a v a i l a b l e .
1 / Less than $50 m i l l i o n . 2 / As a r e s u l t of bank structure changes, t o t a l c r e d i t
increased about $1 b i l l i o n s $600 m i l l i o n in l o a n s j $300 m i l l i o n in U.S. Gov't
s e c u r i t i e s 5 and $100 m i l l i o n i n other s e c u r i t i e s . 3 / Estimated as of December 31,
Digitized for1962,
FRASER f o r a l l commercial banks and weekly reporting banks.


•

•

•

•

•

•

#

E

E

E

E

Exhibit K
Changes i n Commercial and I n d u s t r i a l loans at Weekly Reporting Banks
(In m i l l i o n s of d o l l a r s )
Business of borrower

1962

1961

I960

1959

1958

+131
- 60
- 99
- 19

+ 92
+120
-185
+ 27

+ 57
+ 1*9
-267
-161

+ll*8
+125
-309

+103
° 7
— 60
+ 36

1/

1/

+ 80
- 61*
+ 12

+123
- 19
+ 51

+ 9
- 1*2
+ 97

- 31*
+189
- 27
+195

+133
+207
- 6
+199

Classified
Unclassified

+323
+163

Total change

Food processors
Commodity d e a l e r s
Trade concerns
Total
S a l e s finance
Metals and products
T e x t i l e s , apparel, e t c .
Petroleum, c o a l , e t c .
Other manufacturing
and mining
•Public u t i l i t i e s
Construction
A l l other types of b u s i n e s s

Total change excluding s a l e s
finance
l/
3/

End of November t o end of December 3 /

: y

End of December t o end of December

'

w

1962

1961

I960

1959

1958

+ 31*
- 19
+370

+ 55
+135
+ 8

+ 21
-171
+31*6

+179
+375
+1*35
+999

-136
+127
+ j*

2/+l*55

-599

+m +m

+261*

1/

+139
+ 9
+ 57

+ 81
- 17
- 23

+ 77
+111
- 81

-1*19
- 61*
- 1*1*

+397
+ 58
+ 7

+717
+160
+ 86

—308
-11*8
-151*

+ 15
+118
+ lit
+ 69

+ 6
+119
+ 26
+ 91*

- 1
+150
- 18
+ 67

+W4.
+138
+165
+I181

+1*68
- 50
+106
+833

+325
+ 13
+131
+1*61*

+211*
+339
+116
+111*

+ 36
+ 57
+106
+1*31

+713
+ 98

+120
+ 62

+1*13
+ 37

+5U0
+ 17

+1,723
+52k

+1,028
-283

+1,592
-115

+3,188
+ 10

-51*1*
-377

+1*86

+811

+182

+1*50

+557

+2,21*6

+760

+1,1*77

+3,198

-921

+1*86

+811

+182

+1*50

+293

+2,21+6

+71*5

+1,1*77

i+2,7l*3

-362

Not included i n b u s i n e s s loans on r e v i s e d b a s i s .
Through July 1.
Four weeks used throughout.




/

y

y

1/

Exhibit F
Loans and Investments at A l l Commercial Banks
(In b i l l i o n s of d o l l a r s

u. s .
Govt.

Other
securities

Total
loans

Business

31
31
31
2it ( o l d )
2h (new)
31 y
31

16U.5
169.3
l81t.lt
l81t.2
18U. 2
189.5
198,5

58.6
58.2
66. b
60.9
60.9
58.9
61.0

16,3
17.9
20,6
20,6
20,6
20.5
20.9

89.7
93.2
97.5
102.8
102.8
110.0
116.7

38.7
lt0.5
lt0.lt
lt2.5
37.8
lt0.2
U3.1

22,5
23,1
25,3
26.9
26.9
28.1
28.7

it.3
it. 2
it.7
it.l
it.l
lt.9
5.1

lt.2
it.l
5.0
5.0
5.0
5.0
5.7

lit.6
15.8
15.9
17.5
17.5
18,8
20.6

5.9
7.1
7.1

6.9
7.2
8.2
8.8
7.6
8.1
8.7

U3.6
15.2

30.1
30.3

5.0
6.2

6.0
6.2

r 21.3
r 21.lt

6.3
7.3

r 9.6
r 9.8

lt3.lt
lt3.7
Ut.8
ltlt.7
lt5.o
15.9
lt5.2
U5.8
lt6.7
lt7.i
lt7,8
19,3

30.lt
30.5
30.7
31.1
31.5
32.0
32.lt
32.8
33.2
33.6
3lt.O
3lt.3

It.7
5.it
5.it
5.7
5.1
5.3
it.lt
it. 6
5.8
5.9
5.3
7.2

6. it
6.6
6.6
6.7
6.6
6.8
6.7
6.2
6.3
6.5
r 6.6
6.9

21.2
21.3
21.5
21.9
22.3
22.7
22.9
23.1
23.1
r 23.3
r 23.it
23.6

6.it
6.it
6.5
6.5
6,6
7.2
6.9
7.2
7.it
7.2
7.2
8.3

r 9.8
r 9.7
r 9.8
rlO.O
rlO.2
rl0.5
rl0.3
rlO.lt
rl0.7
rl0.7
rll.O
11.0

Date

1956: Dec.
1957: Dec.
1958 s Dec.
1959: June
June
Dec,
I960: Dec.

Nonbank
financial
institutions

Loans
and
investments

1961:

Nov.
Dec,

29
30

109.1
211i.it

66.2
66.6

23.lt
23.9

119.5
123.9

1962 s

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
28
28
30
30
25
29
26
31
28
31

210,9
211.6
212. It
21L.8
215.3
219. 2
217.8
219.0
223,1
225.7
226.7
233.1

67.2
66.0
61t.lt
61*. 7
61t.lt
61t.lt
61t,2
63,9
61,3
65.5
' 65.lt
65.9

2lt.l
2lt.5
25.lt
26.1
26.1
27:0
27.5
27.9
28.2
28.6
28,8
29.2

119.6
121.1
122.6
12lt.O
121.8
127.7
126.1
127.3
130.6
131.6
13?. It
138.0

p
p
p
p (est.)

1

!

|

Real
estate

Security

Farm

Consumer

r
r
r
r
r
r
r
r
r

All
other

—
—

P

1/ Structure changes i n 1959 > on balance through August, added almost $1 b i l l i o n t o t a l c r e d i t ; $600 m i l l i o n in loans;

$300 m i l l i o n i n U. S„ Government s e c u r i t i e s ; and $100 m i l l i o n i n other s e c u r i t i e s . Real e s t a t e loans increased about
$300 m i l l i o n ; b u s i n e s s loans $100 m i l l i o n ; consumer loans $100 m i l l i o n ; and other loans $100 m i l l i o n ,
NOTE—Date exclude interbank l o a n s . Total loans are a f t e r and types of loans before deductions f o r v a l u a t i o n r e s e r v e s .
Consumer and "other loans" are p a r t l y estimated f o r a l l d a t e s . Other data are p a r t l y estimated on a l l but June and
December c a l l d a t e s . Beginning June 2lt 1959, "business loans" and " a l l other loans" have been r e v i s e d t o exclude
loans t o nonbank f i n a n c i a l i n s t i t u t i o n s . Consumer and " a l l other" loans revised i n accordance with recent
r e v i s i o n i n consumer c r e d i t s t a t i s t i c s .
' ^



Exhibit G
Ratios to Total Deposits _1/
U. S. Govt, securit i e s maturing
within one year

LOANS
Date

All commercial
banks

»

Total

Member banks
Reserve c i t y banks
New York
City of
Other
City
Chicago

All
commercial
banks

Country

1948:
19^95
1950s
1951s
#952:
1953s
1954s
1955:
1956s
1957?
#958s
1959s
1960s

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

31
51
31
31
31
31
31
31
31
31
31
31
31

31.2
31.1
35.8
37.2
39.3
40.5
40.3
45.8
48.8
49.7
48.4
54.0
55.1

31.3
30.9
36.1
37.6
39.9
41.1
40.7
46.7
50.1
51.0
49.4
55.6
56.5

35.9
34.9
42.5
46.3
50.6
50.6
46.8
56.7
61.7
61.9
57.7
67.3
65.9

30.4
25.6
32.3
36.2
38.9
39.1
38.3
46.3
52.7
55.2
49.4
58.2
60.8

33.4
32.4
38.1
39.4
41.1
42.2
41.9
48.5
52.7
53.3
51.3
58.2
59.0

27.1
28.5
31.5
32.1
33.9
36.1
37.1
40.7
42.6
44.1
44.4
48.2
50.3

1961s

Nov.
Dec.

29
30

54.7
54.5

55.7
55.7

63.5
65.0

57.7
58.0

58.3
57.7

50.5
50.2

10.4
10.6

1962s

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
28
25
30
30
25
29
26
31
28
26

54.1
54.9
55.4
55.4
55.8
55.9
55.6
56.0
56.4
56.1
56.4
56.8

55.3
56.0
56.5
56.5
56.8
56.8
56.5
57.0
57.6
57.3
57.5
57.9

63.0
64.7
65.8
65.4
64.4
63.6
63.0
65.8
68.8
67.4
66.6
67.8

56.8
58.8
59.2
58.3
57.3
57.5
56.5
57.1
58.6
57.6
57.3
58.6

57.7
58.0
58.3
58.4
59.1
59.0
59.3
59.5
59.9
60.0
60.7
60.3

50.1
50.8
51.2
51.3
51.8
52.1
51.7
51.7
51.6
51.2
51.6
52.0

10.9
11.7
10.6
10.9
11.1
10.7
10.7
11.9
9.8
10.4
9.2
HoBo

9

p
p
p
p
p
p

1/

2/

2/
2/

14.2
19.2
15.2
9.8
11.7
16.9
10.0
5.1
7.5
8.4
8.3
6.7
8.1

Total loans (adjusted to exclude loans to banks); U„ S c Government s e c u r i t i e s maturing
within one year estimated on b a s i s of Treasury survey of ownership and t o t a l d e p o s i t s
(adjusted to exclude cash items i n process of c o l l e c t i o n ) .
#
2 / Prior t o 1951> data are on c a l l b a s i s and beginning i n 1951» they are on maturity basis*
On a c a l l b a s i s , data f o r 1951 and 1952 are 21.5 and 19.1 r e s p e c t i v e l y .
WOTEs Comparability of f i g u r e s a f f e c t e d by changes i n Federal Reserve membership, mergers,
e t c . | by changes i n the reserve c l a s s i f i c a t i o n of c i t i e s or i n d i v i d u a l banks, and by
changes i n items. Beginning August 1962, f i g u r e s for both New York City and the City
#
of Chicago include banks formerly c l a s s i f i e d as c e n t r a l reserve c i t y and three banks
whole c l a s s i f i c a t i o n as reserve c i t y i s continued.
g - Preliminary.



1.4.3. - EXHIBIT H, Port 1
DEPOSITS AND

CURRENCY

S»hit• monthly ov.ro,.. »• dolly

B i l l i o n * of d o l l a r s
160

odi«...«l
MONEY S U P P L Y

TIME AND SAVINGS DEPOSITS

4i.
sr'GoVf: DEPOmSf
Not a d j u s t e d t o r s e a s o n a l
1959

1958

1957

1960

"X"All c o m m e r c i a l banks.

Exhibit H - Part II

Seasonally adjusted data
Period
Total

Money supply
Demand
Currency
deposits
{In b i l l i o n s of d o l l a r s )

28.8

(2)
(2)
(2)

1U1.8
Ibl.2
D46.O

113.0
112.2
116.4

28.9
29.6

(2)
(1)
(2)
Sept. (1)
(2)
Oct. (1)
(2)
Nov. (1)

145.7
145.6
144.8
145.4
145.3

115.5
115.4

30.2
30.2

1959—Dec.
1960—Dec.
1961—Dec.
1962—July
Aug.

Dec.

116.1

146.2

(l)

(2)



p

146.7
147.1
14?.4
148.3

114.6

115.2
115.1
115.8
II5.9
116.3

116.6
116.8
117.8

30.2
30.2
30.2
30.3
30.3
30.4
30.5

30.6
30.5

Time and
savings
deposits

U. S.
Gov't,
deposits

67.4
73.0
82.7

5.2

91.9
92.2
92.7
93.1
93.6
94.3
95.0
95.6

6.0

96.4

97.0
97.9

5.3
5.5

5.4

8.1

6.6

7.8
8 . £

6.5
5.4

6.6
5.0

6.1

^

*

*

1.4.3 - EXHIBIT I, Pari 1
TI M E A N D

SAVINGS

D E P O S I T S AT M

BAN J L L I F L M A DING

CITIES
B i l l i o n s of d o l l a r s

Wednesday 1 $flu r e s_

55
50

TOTAL T i l IE AND S A V I N G S D E P O S I T S

,
45

40

35
SAVINGS DEPOSITS
30

25

TIME D E P O S I T S OF I N D I V I D U A L S ,
P A R T N E R S H I P S , AND C O R P O R A T I O N S -

10

Exhibit X - Part II

Time
Period.

Total
t"l

n

and

S a v i n g s

Savings
m i l l !

o n s

D e p o s i t

Individuals,
partnerships,
and corporations
7 d o l l a r s )

Other time
deposits 1 /

1961- -April 26
Dec# 27

38,175
41,472

27,819

5,480
5,969

4,876
5,421

1962- -July
Aug.
Sept.
Oct.
Nov.

25
29
26
31
28

17,257
47,729
48,103
L8,6g8
49,023

33,044
33,404
33,139
34,246
34,459

8,296
8,428

5,917
5,897
5,824
5,724
5,974

5
12
19
26

49,251
49,594
49,765
49,992

34,535
34,572
34,607
34,703

Dec.

1/
~

30,082

8,540

8,688

• 8,590

8,713
8,924

9,002
9,082

6,003

6,098

6,156
6,207

Includes S t a t e s and p o l i t i c a l subdivisions, U. S. Government, foreign governments
and o f f i c i a l i n s t i t u t i o n s , and interbank.




•

#
\

t

•

#

•

e

e

e

•

#

#

Exhibit J
Member Bank Reserves
(Based on averages of d a i l y f i g u r e s | i n m i l l i o n s of d o l l a r s )

,

Excess
reserves

Borrowings

All
member

A1 I
member

Total r e s e r v e s
held s e a s o n a l l y
adjusted 1 /
All
A±±
member

,

Date
AJTLX1
A
member
Monthly averages:
1956: December
1957: December
1958s December
1959: December
I960: December

Free reserves
(excess reserves minus borrowings;
Reserve City Banks
New Y ork
City of
Country
Other
City
Chicago

— 36
-133
— Ul
-1*21*
669

— 91
-105
- 80
-109
10

- 86
- 77
- 32
-101*
- 1*

-203
-228
-197
-1*1*9
80

3hh
211
268
237
583

651
577
516
U8l
756

688
710
557
906
87

17,201
17,077
17,91*2
17,978
18,233

1961:

November
December

509
l*2l*

ll*
- 50

- 13
- 22

13
2k

1*91*
U71

6lii
573

105
lli9

19,059
19,977

1962:

January
February
March
April
May
June

5U6
h3h
379
1*1*0
h3h
370

1*1
11
- 2l*
50
10
- 12

2
- 3
- 6
- 20
3
- 3

20
22
15
9
36
- U

183
l*oi*
39b
1*01
385
389

616
502
U70
509
L?7
h70

10
68
91
69
63
100

19,062
18,986
19,060
19,11*8
19,253
19,312

July
August
September
October
November
December p

1*1*2
1*37
378
1*19
U70
253

18
7
- 19
3l*
13
- 62

6
- lh
- 10
- 1
- 7
- 11

3
2

Ul6
1*1*1
1*08
382
1*83
382

531
561
U58
h8h
589
557

89
127
80
65
119
30h

19,31*8
19,237
19,305
19,1*27
19,1*81*
19, 606

1

NOTE:

5
- 19
— 56

Beginning July 26, 1962, f i g u r e s f o r both New York and the C i t y of Chicago include banks formerly c l a s s i f i e d
as c e n t r a l reserve c i t y and three banks whose c l a s s i f i c a t i o n as reserve c i t y i s continued.
p - Preliminary.
1 / Revised s e r i e s . Back data and seasonal f a c t o r s a v a i l a b l e , E x h i b i t L, "Banking and Monetary Developments" f o r
December 1962.




Exhibit K
Liquid Assets Held by the Public = Seasonally Adjusted S e r i e s 1 /
(Amounts i n b i l l i o n s of d o l l a r s 5 r a t i o s expressed as oercent-ages)
Time d e p o s i t s

End of
year
or
month

Total

T
1954
i m

1957

1958
1959
1960

332:!

343«2
356.0
373.1
393.9
399.2

Savings u, s. f.T S . Govt
Demand
Postal
and
Govt, s e c u r i t i e s
deposits
Mutual
Commercial
savings maturing
Savings loan
and
savings System shares bonds within one
banks
currency
year 6 /
banks
3
/
5/
4/
2/
~T

T

130.2
133*3
134.6
133.5

48,2
49,7

138,8

139.7
138,4

52.0

Oct.

420.7
122.2
424,6

1962
Jan,
Feb,
Mar,
Apr.
May
June
July p
Aug. p
Septop
Oct, p
Nov, p
Dec, p

427.1
430.6
435.3
438.2
439.6
442,9
444.1
447.9
449.0
453.4
456.8
458.7

141.7

142.0
142.6
142.0
142.3
142,
143 <

142,8

142.3
142,2
141.3
142.5
143.8
143.4
144.8

2,1
1,9

1.6

57
65
67
73

31.6
33,9
34.9

1,3
1.1
0,9

81,5
82.5
82,5

38.0
38.2

0.7
0.7

1961

Nov,
Dec.

M
30o0

85

86

87

88
89
91
91
92
93.
95'

96.8
97.4

36,2

38,3

38,6

38,8

39.0
39c, 2
39,,3
39..7
40.,0
40,, 2
40,>5
40,.9
41,, 2
41.,3

0,8

0,6

6
,6
,6
,6

.6
,6

6

0.6

0,6
0,6
.5
,5

T

-8-

27.2
32.0
37.0
41.7
47.7
54.3

55.6
55.9
54.8

30,6

35.6

61.8

50,5
47
47.0

48,8

68.9
69.8
70.5

47.3
47.4
47.4

41.7

71.1

47,
47<
47«
47,
47,
47,
4747=
47.
47.
47.
47=

71.8

72.8
73.4
74.0
74,8
75.4
76.4
77.4
78.2
79,2

80.0

51.6

31,6
33.2

38,8
41.9

Liquid a s s e t s
t o gross
national, product 7 /

Rati os s
Demand
deposits
and
currency
t o gross
national
product?/

~ir

&
79,

80,
80,
80.

79.0

35.0

32.6
31.2
30,3
29,9
28.7
27.5

42.6

42.6

42.4
43,3
45.5
45.6
45.7

Commercial
bank d e p o s i t s
& currency tc
liquid assets
(2+3*1)

78.2

78.8

26,3

26.1

m

54.4
53.6
54.8

52,6
53.0

53.1
53.2
53.0
53.2
53.1

52.8

46.9
46.8

79.5

25,9

52.9
52.9
52,7

46.6

80.3

25,6

52,6

49.2

47.2

48.2
47.1

52.6
52.2

52.7

80.8

25.5

52.6
52.8

Far f o o t n o t e s s e e next page
IQTE*

This i s a new s e r i e s f i r s t shown i n "Banking and Monetary Developments" f o r November 1962, and d i f f e r s from the one
p r e v i o u s l y shown i n concept and coverage. Back f i g u r e s a v a i l a b l e from Banking S e c t i o n , D i v i s i o n of Research and

S
tatistics.


Exhibit ]
1/

Excludes holdings of the United S t a t e s Government, Government agencies and t r u s t funds, domestic
commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whereever n o s s i b l e .
A l l s e r i e s adjusted f o r seasonal v a r i a t i o n by the X-9 variant of Method I I developed by the Bureau
of the Census.

2/

Data are f o r demand d e p o s i t s adjusted and currency outside banks and are as of the l a s t Wednesday
of the month. In concept the f i g u r e s agree with the d a i l y average money supply described i n d e t a i l
i n the Federal Reserve B u l l e t i n f o r August 1962, p* 9Ul, except t h a t demand d e p o s i t s held by mutual
savings banks and by savings and loan a s s o c i a t i o n s have been deducted to avoid double counting.
Demand d e p o s i t s of commercial banks n Alaska and Hawaii are included beginning January 1959 and
August 195% r e s p e c t i v e l y , except t h a t one n a t i o n a l bank i n Alaska and 1 n a t i o n a l bank i n Hawaii
were included i n April 195k and April 1959, r e s p e c t i v e l y . Demand d e p o s i t s due to banks i n United
S t a t e s possessions are included throughout.

3/

Total time d e p o s i t s at commercial banks except interbank, U. S. Treasurer's open account, and
p o s t a l savings redeposited i n commercial banks. Data are as of the l a s t Wednesday of month except
June 30 and December 31 when c a l l data f o r these dates were used when a v a i l a b l e . Time d e p o s i t s
of commercial banks i n Alaska and Hawaii and time d e p o s i t s due to banks i n U. S. possessions are
included as indicated f o r demand d e p o s i t s i n f o o t n o t e 2 above.

h/

Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior t o 1955
data are Board estimates based on monthly f i g u r e s of i n f l o w of new savings and withdrawal of
savings c a p i t a l compiled by the Federal Home Loan Bank Board.

5/

Includes a l l types of savings bonds held by investors other than commercial and mutual savings
banks and U. S. Government agencies and t r u s t funds. Holdings of savings and loan a s s o c i a t i o n s
are a l s o excluded beginning i n February I 9 6 0 , - t h e e a r l i e s t date f o r which separate f i g u r e s f o r
these i n s t i t u t i o n s are a v a i l a b l e . Figures are from data compiled by the U. S. Treasury Department.

6/

Beginning December 1950 f i g u r e s include Treasury marketable s e c u r i t i e s and Federal agency s e c u r i t i e s maturing w i t h i n one year, except holdings of domestic commercial, mutual s a v i n g s , and
Federal Reserve Banks, Government agencies and t r u s t funds, and beginning February I960, savings
and loan a s s o c i a t i o n s . Figures have been adjusted tc include p a r t i a l l y tax-exempt s e c u r i t i e s 12
months prior t o f i r s t c a l l d a t e , and, prior t o 1956, nonmarketable Treasury savings notes with
m a t ur i t i e s up to 36 months. Prior t o December 1950 f i g u r e s for marketable i s s u e s include s e c u r i t i e s c a l l a b l e within one year. Figures represent par value and are from the U. S. Treasury
Department's Survey of Ownership of U. S. Government s e c u r i t i e s .

]/

Gross national product f i g u r e s are a v a i l a b l e quarterly and annually only. Data f o r t o t a l l i q u i d
a s s e t s used i n computing these r a t i o s are quarterly averages calculated f o r f o u r dates (each
month of the current quarter and the l a s t month of the preceding quarter).




Exhibit L
TOTAL MEMBER BANK RESERVES 1 /
Unadjusted Data
( d a i l y average f i g u r e s 3 in m i l l i o n s of d o l l a r s )
Year
T9UB
19it9
1950
1951
1952
1953
1951
1955
1956
1957
1958
1959
i960
1961
1962
1963

Jan.
lit 380
13 99k
lit k02
15 0U8
16 010
16 368
16 757
17 199
17 225
17 3o8
17 357
18 3itU
18 3itl
18 725
19 it05

Feb.
13 828
13 67 it
lit 063
lit 728
15 586
16 015
16 181
16 928
16 8itit
16 928
17 100
18 026
17 688
18 360
18 872

Mar.
13 686
13 5it8
lit 017
1U 959
15 783
15 912
16 1%
16 751
17 026
16 975
17 377
17 869
17 it9it
18 195
18 831

Apr.
13
13 386
13 851
15 07it
15 it09
15 588
16 055
16 899
16 957
17 164
17 5it3
18 10lt
17 569
18 261
18 995

May
13
13
lit
15
15
16
16
16
16
17
18
17
18
19

itOl
889
699
391
510
152
852
852
928
671
019
696
222
080

June
13
lit
15
15
15
16
16
17
17
18
17
17
18
19

it20
110
063
689
8itit
it5!
826
033
057
020
893
7it6
ItOl
177

Sept.

July
13 706

14 168
14
15
16
16
16
16
17
18
18
17

995
965
10I4
446
930
955
197
031
110
963

18 413

19 290

13
14
lit
15
16

865
174
953
819
160

16
16
16
18
18
17

816
899
93b
009
063
937

13 990
lit it 70
15 12 it

16 015
16
16
16
17
17

195
555
837
121
043

19 160

18
18
18
19

0i|8
125
705
266

13
13
14
15
15
16
16
16
17
17
18
18
18
18
19

13
13
14
15
15
16
16
16
17
17
17
18
18
18
19

811
907
398
094
999
179
588
888
173
094
920
102
161
742
305

16 618

18 567

17 866

Novo
lit
lit
15
16
16

025
"599
532
C68
183

16 986

16 975
17 01*8

17 116
17 926

18 068
18 287

18 993
19 52it

lit 037
lit 605
15 448

16 185
16
1'
17
17
17

330
289
016
271
055

18
18
19
19

09k
469
173
601

18 005

Dec,
13"" 98 2"
lit 181
15 193
15 86it
16 533
16 503
17 344
17 317
17 59?
17 470
18 355
18 392
18 703
19
20 C37

Seasonally Adjusted Data
Year

1^718
1949
1950
1951
1952
1953
195it
1955
1956
1957
1958
1959
i960
1961
1962
1963

lit
13
lit
lit
15
16
16
16
16
17
17
18
18
18
19

016
639
037
681
635
031
445
928
95it
094
08 it
037
017
39it
062




13
13
lit
lit
15
16
16
16
16
17
17
18
17
18
18

842
687
077
7it3
602
031
213
979
980
066
23153
795
it71
986

13
13
lit
15
15
15
16
16
17
17
17
18
17
18
19

169
630
102
019
8it6
976
277
869
146
112
535
068
706
it 16
060

Apr.
13 818
13 659
lit 13it
15 366
15 723
15 6y0
16 333
17 070
17 0it2
17 250
17 631
18 195
17 693
18 408
19 lit8

13
13
Ik
15
15
15
16
17
17
17
17
18
17
18
19

838
703
20x
030
737
843
431
074
022
082
831
183
857
387
253

June
13 7%
13 542
14 238
15 184
15 816
15 972
16 550
16 911
17 119
17 143
18 111
18 019
17 871
18 531
19 312

13
13
14
15
15
16
16
16
16
17
18
18
17
18
19

762
817
254
070
907
136
479
964
972
214
049
12P
981
468
348

854
949
288
074
947
258
718
948
001
036
081
136
009
642
237

Oct.
13 740
13 900
14 469
15 409
15 956
16 086
16 901
16 941
17 014
17 082
17 890
18 032
18 250
18 917
19 427

Nov.

13
13
14
15
16
16
17
16
17
17
17
18
18
19
19

772
939
503
341
057
200
152
898
202
004
9CT
022
3(6
059
484

Dec,
13 654
13 849
14 822
15 477
16 130
16 938
16 928
16 911
17 201
17 077
17 942
17 9 7 R
18 --33
19 V / 7
19 6 0 6

(Exhibit L (Continued)
TOTAL MEMBER BANK RESERVES 1 /
Seasonal Adjustment Factors 2 /
Year
1940
1949
19#
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

Jan.
102.6
102.6
102.6
102.5
102.4
102.1
101.9
101.6
101.6
101.6
101.6
101.7
101.8
101.8
101.8
101.8

Feb.
99.9
99.9
99.9
99.9
99.9
99.9
99.8
99.7
99.2
99.2
99.2
99.3
99.4
99.4
99.4
99.4

Mar.
99.4
99.4
99.4
99.6
99.6
99.6
99.5
99.3
99.3
99.2
99.1
98.9
98.8
98.8
98.8
98.8

Apr.
90.0
98.0
98.0
98.1
98.1
98.1
98.3
99.0
99.5
99.5
99.5
99.5
99.3
99.2
99.2
99.2

May
97.5
97.8
97.8
97.8
97.8
97.9
98.3
98.7
99.0
99.1
99.1
99.1
99.1
99.1
99.1
99.1

June
99.1
99,1
99.1
99.2
99.2
99.2
99.4
99.5
99.5
99.5
99.5
99.3
99.3
99.3
99.3
99.3

July
99. i
99.2
99.4
99.5
99.8
99.8
99.8
99.8
99.9
99.9
99.9
99.9
99.9
99.7
99.7
99.7

Aug.
99.4
99.4
99.2
99.2
99.2
99.4
99.4
99. U
99.4
99.4
99.6
99.6
99.6
99.6
99.6
99.6

Sept.
100.7
100.6
100.5
100.2
100.1
100.1
99.8
99.7
99.7
99.7
99.7
99.7
99.8
99.8
99.8
99.8

Oct.
100.9
100.9
100.9
100.8
100.7
100.6
100.5
100.2
100.2
100.2
100.2
100.2
100.2
100.4
100.5
100.5

Nov.
100.7
100.7
100.7
100.7
100.8
100.8
100.8
100.7
100.4
100.3
100.3
100.3
100.4
100.6
100.6
100.6

Dec.
102.4
102.4
102.5
102.5
102.5
102.5
102.4
102.4
102.3
102.3
102.3
102.3
102.3
102.2
102.2
102.2

1/

Figures are a c t u a l f o r the period beginning w i t h November 1962, when the l a t e s t change i n reserve requirements
became e f f e c t i v e 0 In order t o e l i m i n a t e the e f f e c t s of d i f f e r e n c e s i n reserve requirements i n e a r l i e r months s
f i g u r e s f o r those months were synthesized by taking the sum of a c t u a l e x c e s s reserves and a f i g u r e f o r required
r e s e r v e s reconstructed by applying November 1962 reserve requirements a g a i n s t demand and time d e p o s i t s by c l a s s
of bank,

2/

Based on f i g u r e s f o r the period January 1948 - October 1962.